Top Trade Ideas for the Week of March 24, 2014: The Rest

• Posted by Greg Harmon
• on March 23rd, 2014

Here are the Rest of the Top 10:

Calumet Specialty Products Partners, Ticker: $CLMT

Calumet Specialty Products Partners, $CLMT, is a bottoming and reversal play. The price started turning at the previous lows early last week. The Relative Strength Index (RSI) is moving higher and about to reach the mid line while the MACD crossed and Wednesday and is rising.

Catamaran, Ticker: $CTRX

Catamaran, $CTRX, got knocked back hard after reporting earnings and found support at the 44-45 area, where it has held twice before. A quick bounce was followed by a bull flag that is starting to break higher. It has support from the rising RSI and the MACD which crossed positive to continue up.

Flextronics, Ticker: $FLEX

Flextronics, $FLEX, is consolidating at the prior resistance level after a shallow W shaped pullback. The RSI is bullish and the MACD about to cross up, supporting a move higher should it come.

Old Republic International, Ticker: $ORI

Old Republic International, $ORI, moved higher off of a pullback to the 200 day Simple Moving Average (SMA). Leveling now at prior support/resistance it has a RSI that is bullish and a rising MACD.

Oshkosh, Ticker: $OSK

Oshkosh, $OSK, is moving higher and printed a bullish candle Friday, nearly a Marubozu. The RSI is rising after holding at the mid line and the MACD is turning back higher as the Bollinger bands open higher.

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into the last full week of the First Quarter sees the equity markets again looking tired. Outside of them directly though look for Gold to consolidate or continue higher while Crude Oil has a similar feel for a reversal in its case. The US Dollar Index is showing strength in the short run while US Treasuries are consolidating tin the short term uptrend. The Shanghai Composite looks good for more upside price action and Emerging Markets look as if they may want to continue the consolidation. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts are not so sure of that though with all 3 consolidating under the highs on the shorter timeframe but the IWM and SPY looking healthy, and a little better than the QQQ on the longer timeframe. Use this information as you prepare for the coming week and trad’em well.

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